(Hong Kong) The Hang Seng Index started weak, down by 124 points or 0.6%, standing at 20,557 points. Concurrently, the mainland enterprises index dropped by 30 points or 0.39%, reaching 7,638 points, while the technology index saw a decline of 25 points or 0.53%, settling at 4,787 points.

Tech stocks faced a downturn with Tencent falling by 1%, Alibaba by 1.7%, Meituan by 0.3%, Xiaomi Group by 0.7%, and Kuaishou by 0.4%.
In the financial sector, there was a softness observed with HSBC Holdings declining by 2.1%, Prudential by 1.3%, China Ping An by 1.5%, and Hong Kong Exchanges by 0.2%.

The market continues to be plagued by the shadows of trade tensions, leading to a scenario of stocks and currency both facing declines. Following the previous night's slump in U.S. stocks, major Asian stock markets experienced a downturn on Friday, with Japan's Nikkei 225 Index plummeting by 1,870 points or 5.41%, closing at 32,738 points. South Korea's Seoul Composite Index reported 2,403 points, down by 41 points or 1.7%, while Australia's Sydney All Ordinaries Index stood at 7,746 points, marking a decrease of 167 points or 2.11%.

In the currency markets, the U.S. Dollar Index fell below the 100 mark during the Asian trading session, marking the first time since July 2023. The Euro surged 1.6% against the Dollar to 1.1383, reaching a new high since February 2022. The Japanese Yen also rose over 1% against the Dollar, reclaiming the 143 level and closing at 142.87.
On another front, as funds sought safe havens, the spot price of gold surged past $3,200 per ounce, hitting a historic high at $3,207, representing a rise of approximately 4%.

Source: Dimsumdaily.hk